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Foreign purchasers were involved in 1.8% of the 5,150 residential property transfers in Metro Vancouver in September, accounting for 1.8% of the total value of properties transferred in that period, according to the British Columbia government.

Since the additional property transfer tax was introduced Aug. 2, 2016, the rate of foreign investment in residential real estate in Metro Vancouver was 1.3% of the total 12,114 transactions – a rate more consistent with the provincial average during that period of 1.7%.

Provincewide, there were 29,000 residential real estate transfers worth $18 billion from Aug. 2 to Sept. 30, the period after the additional property transfer tax was introduced. The total value of transfers involving foreign buyers was $318 million, or 1.8%. A number of cases involve foreign buyers purchasing a percentage of a property and a Canadian citizen or permanent resident purchasing the other portion of the property. The value of property purchased by foreign buyers based on percentage ownership was $243 million.

In the Capital Regional District, foreign buyers represented 3.5% of the residential real estate market from Aug. 2 to Sept. 30. In the period prior to the tax`s introduction (June 10-Aug. 1), foreign buyers accounted for 3.9% of all transactions. More detailed information on Vancouver, Richmond, Burnaby and Surrey is also available. Other communities have not been detailed at this time.

Source: British Columbia Gov.

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